美帝股评 US Market Summary 20230130

*US equities closed higher last Friday as inflation cools*

*30 January 2023*
Nasdaq 100 Index 12166.6, (0.96%)↑
S&P 500 Index 4070.48, (0.25%)↑
Dow Jones Indus Avg Index 33978.08, (0.08%)↑

US shares rose as markets brushed off disappointing corporate outlooks; while easing inflation fueled hopes that the Fed can engineer a soft landing. The *Nasdaq* had its best week since November last year. The *10-year Treasury yield* rose to around 3.52%. 6 of 11 sectors ended in the green, with *Consumer Discretionary* leading shares higher while *Energy* led shares losses. The *VIX (-0.22%)* decreased to 18.51.

The *Personal Consumption Expenditure (PCE) Price index*,the Fed's preferred inflation measure, fell more than expected to 5.0% from 5.5%. The *Core PCE Price Index*, which excludes food and energy, came inline with estimates, falling to 4.4% from 4.7%. The *University of Michigan’s Consumer Sentiment* reading for January rose more than expected to 64.9 from 59.7, its highest level since last April. *Personal Spending* also dropped more than expected by -0.2% MoM, down from -0.1% in the prior month.

All eyes will be on the *Fed's interest rate decision this Thursday, at 03:00 Singapore time*; as well as *Fed Chair Jerome Powell’s post policy meeting press conference at 03:30 Singapore time* for any hints on the future path of rate hikes. Focus will then shift to *Nonfarm Payroll data set to be released Friday, 21:30 Singapore time*. Elsewhere, markets reopen in *Shanghai and Shenzhen* after a week-long Lunar New Year holiday.

*Tesla (+10.99%)* extended gains following strong quarterly results last week. *Intel (-6.41%)* tumbled after missing top and bottom line estimates, while forecasting a drop in Q1 revenue. *Hasbro (-8.11%)* dropped after the toymaker warned of weak Q4 results and said it would slash 1,000 jobs. *Colgate-Palmolive (-5.22%)* plunged despite strong quarterly results. *American Express (+10.54%)* jumped after issuing upbeat earnings and revenue guidance for 2023. *Chevron (-4.44%)* fell after earnings fell below estimates as rising costs weighed on profitability.